End-of-Day Market Summary PHCC – September 12, 2025

End-of-Day Market Summary – September 12, 2025

Tone: Bearish, as supply recovery outpaces demand and speculative support wanes.

BHP May Offer Cross-Month GYC – Market chatter points to a possible BHP cross-month GYC laycan next week. End-user appetite is expected to be weak, leaving speculative demand sustainability in question.

Speculative Offers vs. Reality – The original early-October GYC cargo (previously traded at $189 FOB) is now shown at $194 FOB, met only with a low-ball $174 FOB bid. The lack of competitive bids underlines that speculative pricing cannot persist without end-user participation.

Indian End Users Define the Floor – Indian buyers remain focused near $200 CFR India, translating to $180–183 FOB. No ex-India demand for forward loading cargoes has materialised.

Supply Overhang Builds – Australian mine supply continues to return faster than demand recovery, leaving traders with mounting unsold positions.

China Coke Cuts Loom – A second round of Chinese coke price cuts was proposed today, with a third potentially to follow, further limiting upside momentum.